"With a stable political system and favourable geographical location, Việt Nam has enough capacity to develop a strong semiconductor industry," said Minister of Planning and Investment Nguyễn Chí Dũng.

He said the Vietnamese Government is particularly interested in promoting investment cooperation and the development of the semiconductor industry. The Government has tasked the Ministry of Planning and Investment (MPI) and the Ministry of Information and Communications (MIC), among other governmental agencies, to develop an action plan and strategies to develop the semiconductor industry, with key objectives including building a workforce of 50,000 engineers for this industry by 2030.

Major infrastructure projects such as the National Innovation Center (NIC) and three high-tech parks located in HCM City, Hòa Lạc (in Hà Nội) and Đà Nẵng have been constructed and ready to welcome investors, on top of favourable policies for the industry.

The Southeast Asian country has set a goal to become a hub for the semiconductor industry for the ASEAN region, and part of the global value chain.

"We believe today's summit is an opportunity to connect and collaborate. Businesses will see Việt Nam's potential to become part of the semiconductor value chain, helping to promote Việt Nam's semiconductor industry, creating sustainable growth and contributing to bringing great benefits to the entire Southeast Asia region,” he said.

"Việt Nam has been making great strides in growing its economy, technology and innovation fueled by the country's digital transformation, which are expected to be the main drivers of economic growth this decade," said deputy minister Nguyễn Huy Dũng from the MIC.

He said the summit is a chance to facilitate closer collaboration among players across the region's electronics supply chain to cultivate favourable conditions for the region’s semiconductor industry growth as it plays an increasingly important role in the global semiconductor scene.

Linda Tan, president of SEMI SEA, a regional association serving the manufacturing supply chains for the microelectronic, display and photovoltaic industries, said: "Despite global challenges, Việt Nam's economy exhibited its remarkable resilience and adaptability in 2022, positioning the country as a beacon of stability and growth. Việt Nam's semiconductor industry is also on a path of development with significant potential and advantages. Việt Nam has been increasingly attracting major semiconductor corporations from South Korea, Taiwan, and the United States."

She said US President Joe Biden's visit to the country earlier this month and the jointly announced upgrade of bilateral relations to a comprehensive strategy was a demonstration of the US and Việt Nam's cooperation in innovation and development of the semiconductor industry as their highest priorities.

During the event, Minister Dũng chaired a seminar discussing collaboration in fostering the innovation ecosystem in the semiconductor industry in Việt Nam and the Southeast Asia region. Among the participants at the seminar were leaders of major semiconductor corporations from Europe, the United States, South Korea, Japan, Southeast Asia, and Việt Nam.

They shared their plans for investment cooperation in Việt Nam, and strategies to collaborate with the NIC in developing a training, incubation, and research centre for semiconductors at NIC Hòa Lạc with a focus on chip design and product development.

They also talked about plans to connect and provide employment opportunities for Vietnamese engineers, both domestically and internationally, to ensure a skilled workforce and the growth of the semiconductor industry’s innovation ecosystem in Việt Nam and the region.

"We encourage manufacturing corporations already active in Việt Nam to expand their operations and invite those not yet present to explore investment opportunities, taking advantage of various incentives and policies in high-tech zones in HCM City, Hà Nội, and Đà Nẵng. I propose that chip design companies consider entering the Vietnamese market and expanding their activities here while collaborating with us to build a skilled workforce in this sector," Dũng said. — VNS